LionVolt raises 1.1 million euros in funding from Innovation Industries, Goeie Grutten, Brabant Startup Fund (BSF) and the Brabant Development Company (BOM) to accelerate the development of its 3D battery technology.
With longer range, quick charging and greater safety in a more sustainable solution, the Eindhoven company LionVolt wants to reshape the battery industry. With an initial investment of 1.1 million euros from Innovation Industries, Goeie Grutten, Brabant Startup Fund (BSF) and the Brabant Development Company (BOM), LionVolt is accelerating development of the 3D battery technology. The development of machines to produce these revolutionary batteries will largely take place in the Brainport region.
The platform for the 3D solid state battery technology was developed by TNO at Holst Center. Using nanotechnology, a three-dimensional structure is applied on metal foils. It is then covered with thin-film layers as energy carriers. Stacking these 3D thin-film structures creates a much lighter, safe battery without flammable electrolyte. Moreover, it will be able to store up to four times more energy in the time it takes the current generation of batteries to charge. Besides the larger capacity, LionVolt expects to reduce the production costs of batteries significantly using this technology.
“The battery industry demands a new approach to meet the needs of future generations,” says Karl McGoldrick, CEO at LionVolt. “And this is exactly what has been developed here in the Brainport region. With local development expertise and ecosystem allowing us to source around 80 percent of the production lines in Brabant, we could not be in a better place”.
“LionVolt is a young company. Next to the money this round provides, they can also benefit from hands-on support”, says Sander Verbrugge of Innovation Industries. “The organization, business model and go-to-market all require further development in the coming years. As an investor in high-tech companies, we have the experience to support LionVolt with these challenges.”
Pepijn Herman of the Brabant Development Company: “The large battery factories are currently being built in Germany, Sweden and France. But they are based on conventional Li-ion battery technology. By making use of the relevant knowledge and expertise in the Brainport region, LionVolt can realize a scalable production demonstration line for the 3D battery technology in a short time. This will enable us to put the Netherlands on the map as an innovative battery producer. In that sense, this could very well become the next ASML!”